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Don’t be confused. National Bank isn’t investing in Lending Club Add to ...

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Deep breaths for National Bank of Canada investors. The news this morning that the bank is doing a $1.3-billion deal with troubled online loan company Lending Club isn’t what it seems.

As part of its quarterly earnings, Lending Club revealed that National Bank’s U.S. consumer finance subsidiary, Credigy, “has approved investing up to $1.3-billion (U.S.) to be deployed on the Lending Club platform over the next twelve months,” adding that the money will add to Lending Club’s “investor capital mix.”

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